Peak Resources (ASX: PEK) has generated some investor interest of late with its share price rallying to an intra-day high of A$0.41 today, up from a close of $0.31 on Tuesday 10 January.
The 32% increase has prompted a price query from the ASX.
In response, Peak said the company received assays from drilling samples at its Ngualla Rare Earth Project in southern Tanzania on Friday 13 January and is currently completing the analysis of the assays.
“The current batch of results is in line with previous assay results released to the ASX on Wednesday 21 December 2011,” Peak added.
However, the company said it does not believe that this is an explanation for the sudden investor interest.
Peak expects to make an announcement prior to market open on Wednesday 18 January giving the company time to complete the final analysis of assays.
The company is on schedule to deliver a maiden JORC Resource for the Ngualla Project by the end of the March quarter 2012.
Previously reported assays identified broad intersections of rare earth oxides (REO) including 100 metres at 3.65% from surface including 66 metres at 4.39%.
Peak also referred to the recent placement which raised $2.24 million as another possible explanation for the recent trading in its securities.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/24221/peak-resources-shares-jump-32-prompting-asx-please-explain--24221.html
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